Energy Giants Ignore Their Own Greenwashing Campaigns
NYT had an interesting article this week about Big Oil’s resistance to developing renewable energy sources. Normally, this wouldn’t be a big surprise– as Big Oil is naturally in the business of producing big oil. However, given the nearly ubiquitous marketing campaigns run by the energy giants touting their newfound green credentials, their failure to live up to these claims is hypocritical and deceptive. For example:
- BP has been shrinking its renewables program since 2007, despite the continued claim that it is moving Beyond Petroleum.
- Royal Dutch Shell announced last month that it was freezing research and investments in wind, solar, and hydrogen power (although it will continue its biofuels research). While Shell claims to have spent $1.7 billion since 2004 on alternative energy projects, it has spent $87 billion in that same timeframe on oil and gas projects.
- Exxon Mobil’s CEO Rex Tillerson notes, “In my view, nothing has really changed. We don’t oppose alternative energy sources and the development of those. But to hang the future of the country’s energy on those alternatives alone belies reality of their size and scale.” Exxon’s own long-term forecast predicts that by 2050, oil, gas, and coal will account for 80% of the world’s energy supplies– which is the same as today.
Of course, none of these facts should come as a surprise. Without a comprehensive carbon policy from Washington, the most profitable thing these companies can do is to sell hydrocarbons. Unless and until we more accurately price the real cost of burning fossil fuels via a carbon tax or cap-and-trade, these companies will have no reason to change their behavior (and nor should they be expected to). But in the meantime, the public needs to recognize that their big green marketing campaigns are nothing more than a distraction. Real change will only come when our “leaders” in Washington can do what’s needed and pass a meaningful climate bill.
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